Maharashtra's Ready Reckoner (RR) rates are set to become more accurate as the Geographic Information System (GIS) mapping of land parcels nears completion. The Maharashtra Remote Sensing Application Centre (MRSAC) has finalized rural mapping and completed 50% of urban and influence zones. GIS mapping will replace the current subjective process by integrating precise geospatial data, offering clearer insights into property values. This will aid in setting RR rates for 2024, reflecting accurate market conditions and benefiting citizens and evaluators. The updated system will use cadastral maps, population data, and infrastructure developments to establish RR rates, ensuring transparency and reducing arbitrary rate assignments.Read more

Nashik Municipal Corporation (NMC) has successfully collected INR 40 crore of the INR 600 crore in property tax arrears through its amnesty scheme, which began on October 1. The scheme, offering significant penalty waivers, has proven effective, with INR 13 crore collected in the past three weeks alone. Defaulters who settle by December 31 can avail of up to a 95% penalty reduction, while those paying in January are eligible for an 85% waiver. Despite a slow response in 2021, this year's scheme is seeing better participation, and NMC expects to collect an additional INR 25-30 crore before the scheme ends on January 31.Read more

The Gujarat Real Estate Regulatory Authority (GujRERA) will implement new banking rules from January 1, 2025, requiring developers to maintain three separate bank accounts for each project. These accounts-RERA collection, retention, and transaction-will ensure financial transparency and proper fund utilization. The RERA retention account, holding 70% of collected funds, is designated for construction and land costs, with withdrawals requiring certified progress documentation. Auto-sweep transfers will distribute funds in a 70:30 ratio to retention and transaction accounts. Banks are restricted from issuing cheque books, debit cards, or online services for the collection account. Non-compliance can result in penalties up to 5% of project costs, reinforcing accountability in Gujarat's real estate sector.Read more

Bollywood actor and television host Manish Paul has rented out his office space in Andheri West, Mumbai, for INR 2 lakhs per month. He purchased the property in September 2023 for INR 2.25 crore. Located within Morya Grand, a commercial project developed by Nakta Investment Pvt Ltd, the office space spans 1,200 sq ft. The lease agreement, registered in December 2024, involves an INR 8 lakh security deposit and a tiered rental structure, with the rent increasing after the first year. Known for hosting shows like Jhalak Dikhhla Jaa and Indian Idol, Manish Paul's real estate move reflects the growing trend of celebrities investing in property, similar to the ventures of Shah Rukh Khan, John Abraham, and Akshay Kumar.Read more

State-owned Punjab & Sind Bank has successfully raised INR 3,000 crore via its inaugural issuance of infrastructure bonds, significantly exceeding the base issue size of INR 500 crore. The bonds, offered at an annual coupon rate of 7.74%, carry a 10-year tenure and will be listed on the National Stock Exchange (NSE). This issuance attracted strong interest from domestic investors. This follows a growing trend among banks to leverage infrastructure bonds over AT-1 and Tier-2 bonds due to better pricing and regulatory exemptions from CRR and SLR requirements.Read more

The National Highways Infrastructure Trust (NHIT), under the National Highways Authority of India (NHAI), intends to raise approximately INR 15,000 crore in the coming months for its fourth round of road asset acquisitions. Funds will be sourced through bank loans, financial institutions, and equity subscriptions, while plans for a public bond issue have been deferred to the next financial year. The NHIT has identified 12 road stretches, totalling over 850 km, for monetisation. This round is set to be the largest InVIT initiative for NHAI, with toll collection rights spanning 20 years. Additionally, NHIT aims to explore zero-coupon bonds to diversify its fundraising.Read more

The Yamuna Expressway Industrial Development Authority (YEIDA) has made significant progress in executing registries for industrial plots, with 1,400 out of 3,040 plots registered so far. This rise in registry completions has been largely driven by the increased interest in the region following the announcement of the Noida International Airport. The registry process, which had been slow until 2022, is now gaining speed, and the completion of these formalities is expected to fuel the operationalisation of several key industrial parks like the Apparel Park, Toy Park, and Medical Devices Park, potentially transforming the region's industrial landscape in the next few years.Read more

The Pune Municipal Corporation (PMC) has successfully recovered over INR 34 crore from property tax defaulters in the past fortnight by using music bands. These bands play loud music outside properties of defaulters, mostly commercial establishments, to shame them into settling their dues. The defaulters have not paid taxes for periods ranging from one year to ten years. Despite sending recovery notices, many owners had failed to respond, prompting this unconventional approach. PMC continues its efforts to meet a property tax revenue target of INR 2,600 crore for the 2024-25 fiscal year.Read more

PNT Reporter

TVS Holdings Ltd has announced that its real estate subsidiary, TVS Emerald Ltd, will acquire two subsidiaries, Radial (Phase II) IT Park Pvt Ltd and Radial (Phase III) IT Park Pvt Ltd, for over INR 575 crore. The acquisition involves purchasing 100 per cent equity shares and compulsorily convertible debentures of the two companies, with the deals valued at INR 234.33 crore and INR 342 crore, respectively. Expected to be completed by the end of 2024, these acquisitions will enhance TVS Emerald's market presence and capabilities, aligning with its growth objectives.Read more

Chief Minister Bhupendra Patel has reviewed over 5,300 objections and suggestions regarding Gujarat's proposed jantri rate revisions, which aim to increase property transaction costs. Despite significant opposition from property buyers, developers, and real estate associations citing concerns about affordability and market stability, the government has maintained the January 20, 2025, deadline for submissions. The revisions, the first in several years, could significantly impact lower and mid-range property markets.Read more